Settlement Agreement Fees
If you have been offered a Settlement Agreement (previously called a Compromise Agreement) by your employer, you must obtain independent legal advice before signing. Read on to find out more about how we help clients who have been offered a Settlement Agreement.
What is a Settlement Agreement?
A Settlement Agreement is a contract between an employer and an employee which, usually, sets out terms for the employee to give up their job, their employment rights and any Employment Tribunal claims they may have in exchange for a compensatory payment from their employer.
How much do you charge to advise about Settlement Agreement?
Lincs Law Employment Solicitors charge a Settlement Agreement fee of £300.00 (£250.00 plus vat). The convention (although it is not a requirement) is that your employer will pay our fees for advising you. Usually, the employer contribution is more than enough to cover your Settlement Agreement fees.
What does the Settlement Agreement fee cover?
The Settlement Agreement fee includes a meeting with your solicitor to discuss the background of your situation and advise you on the terms of your Settlement Agreement. We put no time limit on your meeting as we understand the decision to sign a Settlement Agreement is important and has potentially life changing consequences. Put simply, we are happy for your meeting to take as long as you need to:-
• Discuss the background and circumstances which led up to you being offered a Settlement Agreement by your employer;
• Go through the Settlement Agreement terms with you in detail;
• Consider any employment disputes and claims you may be waiving or settling under the Settlement Agreement; and,
• Ensure you have all the information you need to make an informed decision about whether you wish to sign the Settlement Agreement.
Our Settlement Agreement fee also includes written confirmation of advice following the meeting.
Will I have to pay more than the Settlement Agreement fee?
For many people, a Settlement Agreement is dealt with and signed at the first meeting and no further assistance is required. Therefore, the employer’s contribution covers the full fee.
However, the reason we take the time to discuss the full background of your situation is to ensure you are being properly compensated for the circumstances surrounding your being offered a Settlement Agreement. If you are not being properly compensated, we will advise you fully on the alternatives available to you and, if necessary, any costs or fees involved. This does not mean you have to instruct us to undertake negotiations for you or to do any further work. We just want to make sure you have all the information you need to make an informed decision about how you want to move forward. If you do instruct us to undertake negotiations for you, we will ask your employer to increase their contribution to cover the fees for that additional work.
Lincs Law Employment Solicitors can help with your Settlement Agreement
If you have been offered a Settlement Agreement, call Lincs Law Employment Solicitors of 01522 440512 to discuss your situation. For more information about Settlement Agreements, please visit our website at https://lincslaw.co.uk/services/settlement-agreements
Specialist Employment Solicitor
Lincs Law Employment Solicitors, Lincoln
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